Collaborate to Get Your Business to the Next Level
Collaborating with another business might seem overwhelming. But, it’s not. In fact, collaboration, when done right, is a useful way to network with other businesses, expand your markets, and increase your business. You’ll be able to add other services and products and be more efficient.
Just what is collaboration? It’s a way for businesses to work together to accomplish a common goal and strategically use the skills each business is good at. For instance, if your business’s strength is hair care, and you also want to offer expert make-up services, but don’t have the skills to do this, working with a company that specializes in make-up services fills a gap in your business while also providing one solution to your client. Think of collaboration as networking with a purpose.
Before you decide to collaborate, first consider the following points:
Is this collaboration the right fit for my business and for theirs?
As you answer this question, think about your business’s services, skills, values, mission, and message. Then, evaluate if the business you want to collaborate with shares similar values, or has skills that complement yours. If, for example, it’s important that your business gives back to and works in the community, collaborating with a business that doesn’t agree with a community focus might not be the right collaborator. Or, if both business offer identical products and services, you’d need to decide how collaborating is beneficial.
How will this collaboration benefit me? How will this collaboration benefit them?
These two questions go hand in hand. One of the important outcomes of a collaboration is that everyone benefits. Your goal is to have an equal contribution of your time and resources so that everyone involved can thrive.
Define the collaboration terms
You’ll want to create collaboration agreements that will outline who will be responsible for specific tasks, what the start and end dates are, and what your common goals are, for example. If proprietary information or client information will be shared or if there will be financial contributions made, a portion of your collaboration terms might include documents like photo and video releases, an assignment of intellectual property agreement, or wording that states how much each business will contribute during the collaboration.
In the beauty industry, consider these three ways to collaborate:
Collaboration is an effective way to network with other businesses, to enhance the experiences that you provide your clients and customers, and to also increase your exposure within the business community. Working with another business increases the impact and success that you’ll have when compared to you working on your own.
Cheryl Quintero is a wellness coach and business consultant who helps businesses create the clear roadmap they need to take their passions and expand them into their business vision. She provides simple and actionable tools and strategies to help businesses succeed. She is the creator of Network with Purpose, a training program that provides businesses the information they need to help them identify their ideal collaborators and to know how to collaborate effectively once they’ve found them.
Find her and the Network with Purpose training inside of the Roc Your Locs membership library.